|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
HIGH FASHION GARMENTS CO. LTD. |
|
|
|
|
Registered Office : |
11/F., High Fashion Centre, 1-11 Kwai Hei Street, Kwai Chung,
New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.03.1978 |
|
|
|
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Com. Reg. No.: |
5510105 |
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|
|
|
Legal Form : |
Private Limited Company. |
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|
|
|
Line of Business : |
Manufacturer, Exporter, Sales and Marketing, Development, Design. |
|
|
|
|
No. of Employees : |
About
9,100. (Group Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
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Payment Behaviour : |
No Complaints |
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|
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HIGH FASHION
GARMENTS CO. LTD.
11/F., High Fashion Centre, 1-11 Kwai Hei Street, Kwai Chung,
New Territories, Hong Kong.
PHONE: 2614 3811, 2615 5188
FAX: 2614 5487, 2614
0919
E-MAIL: fwlam@highfashion.com.hk
Group Chairman & Managing Director:
Mr. Lam Foo Wah
Incorporated on: 23rd March, 1978.
Organization: Private Limited Company.
Capital: Nominal: HK$10,001,000.00
Issued: HK$10,000,002.00
Business Category: Garment
Trading.
Group Revenue: HK$2,784,166,000 (Year ended 31-12-2011)
Group Employees: About 9,100. (As at 31-12-2011)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
HIGH FASHION
GARMENTS CO. LTD.
Registered Head
Office:-
11/F., High Fashion Centre, 1-11 Kwai Hei Street, Kwai Chung, New
Territories, Hong Kong.
Factories: China.
Holding Company:-
High Fashion Apparel Ltd.
P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands.
Ultimate Holding
Company:-
High Fashion International Ltd., Bermuda/Hong Kong.
Associated/Affiliated
Companies:-
High Fashion Group of Companies
Angel Star Investment Ltd., Hong Kong.
Anway Garment Ltd., Hong Kong.
August Silk Inc., USA.
Bramead International Inc., British Virgin Islands/USA.
Cantabian Ltd., Hong Kong.
Dongguan Dalisheng Fashion Co. Ltd., China.
Dongguan Yihao Fashions Ltd., China.
Eminent Garment Ltd., Hong Kong.
Guangdong Theme-Huayu Fashion Co. Ltd., China.
High Fashion (China) Co. Ltd., China.
High Fashion (UK) Ltd., UK.
High Fashion Accessories and Gifts Ltd., Hong Kong.
High Fashion Apparel Ltd., British Virgin Islands/Hong Kong.
High Fashion Commerce Ltd., Hong Kong.
High Fashion Garments Inc., USA.
High Fashion Garments Macao Commercial Offshore Ltd., Macau.
High Fashion Garments Management Ltd., Hong Kong.
High Fashion International (USA) Inc., USA.
High Fashion Knit Co. Ltd., Hong Kong.
High Fashion Knitwear Co. Ltd., Hong Kong.
[Formerly known as Theme International Ltd.]
High Fashion Knitwear Overseas Ltd., Hong Kong.
High Fashion Silk (Zhejiang) Co. Ltd., China.
Navigation Ltd., British Virgin Islands/Hong Kong.
Stage II Ltd., Hong Kong.
The King Garment Ltd., Hong Kong.
Theme Corporate Fashion (Asia) Ltd., Hong Kong.
Theme Corporate Fashion (China) Ltd., Hong Kong.
Theme Corporate Fashion (Overseas) Ltd., Hong Kong.
Theme Fashion (Singapore) Pte. Ltd., Singapore.
Theme Garments (Shenzhen) Co. Ltd., China.
Theme International Holdings (BVI) Ltd., British Virgin Islands.
Winsmart Overseas Ltd., Hong Kong.
Xinchang Augustmoon Silk Production Technology Consultant Co. Ltd.,
China.
etc.
BUSINESS REGISTRATION
NUMBER
5510105
0059176
Group Chairman & Managing Director:
Mr. Lam Foo Wah
Nominal Share Capital: HK$10,001,000.00 (Divided into 1,000 Ordinary
shares and 10,000,000 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$10,000,002.00
(As per registry dated 23-03-2012)
|
Name |
|
No. of shares |
|
|
|
|
Ordinary |
Non-voting Deferred |
|
High Fashion Apparel Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola,
British Virgin Islands. |
|
1 |
10,000,000 |
|
Cantabian Ltd., Hong Kong. |
|
1 |
- |
|
|
|
–– |
––––––––– |
|
|
Total: |
2 = |
10,000,000 ======== |
(As per registry dated 23-03-2012)
|
Name (Nationality) |
Address |
|
LIN Yuet Man |
38E, Block 1, Central Park, 18 Hoi Ting Road, Taikoktsui, Kowloon,
Hong Kong. |
|
SO Siu Hang, Patricia (Chinese) |
House 87, 1 Hereford Road, Sunderland, Kowloon Tong, Kowloon, Hong
Kong. |
|
LEUNG Suk Yin, Hilda (Chinese) |
14B, Block 9, Provident Centre, 45 Wharf Road, North Point, Hong Kong. |
|
LAM Gee Yu, Will |
No. 11, Hillview, Custom Pass, 18 Fei Ngo Shan Road, Sai Kung,
Kowloon, Hong Kong. |
|
CHAN Wai Wei |
25B, Kai Tien Mansion, Taikoo Shing, Hong Kong. |
|
LAM Foo Wah (Chinese) |
No. 11, Hillview, Custom Pass, 18 Fei Ngo Shan Road, Sai Kung,
Kowloon, Hong Kong. |
|
LIN Ping |
2-36 Mei Yuan Road, Chengguan Town, Xinchang, Zhejiang, China 312500. |
(As per registry dated 23-03-2012)
|
Name |
Address |
Co. No. |
|
High Fashion Garments Management Ltd. |
11/F., High Fashion Centre, 1-11 Kwai Hei Street, Kwai Chung, New
Territories, Hong Kong. |
0140485 |
The subject was incorporated on 23rd March, 1978 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Chittenden Co. Ltd., name
changed to High Fashion Garments Ltd. on 30th June, 1978, and further to High
Fashion Garments Co. Ltd. on 18th April, 1990.
The name of the building S. Megga Industrial Building was changed to
High Fashion Centre on 2nd April, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer, Exporter, Sales and
Marketing, Development, Design.
Lines: Specialized in silk
and silk blended woven and knit apparels: blouses, pants, jackets and outer
garments, skirts, dresses, lingerie and dressing gowns for women, pants, shirts
and jackets for men, blazers, co‑ordinates, intimates, sweaters.
Brand Names: “AUGUST SILK”, “SILK WORLD” “SILK LEGEND” “AUGUST MOON”, “axelledesoie” “august silk”, etc.
Office & Factory Space:
80,000 sq.ft. – self-owned.
Group Employees: About
9,100. (As at 31-12-2011)
Materials Imported:-
Polyester woven fabric – Japan, PRC, Korea
and Italy.
Silk woven fabric – PRC and Korea.
Linen – PRC and Japan.
Cotton fabric – PRC and Japan.
Markets: USA, Canada, Germany, UK., Japan,
Italy, etc.
Group Revenue: HK$2,554,781,000 (Year ended 31-12-2007)
HK$2,598,031,000 (Year ended 31-12-2008)
HK$2,271,566,000 (Year ended 31-12-2009)
HK$2,724,299,000 (Year ended 31-12-2010)
HK$2,784,166,000 (Year ended 31-12-2011)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: The
Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
The Hong Kong
General Chamber of Commerce, Hong Kong.
[Membership No. HKH0221]
Nominal Share Capital: HK$10,001,000.00 (Divided into 1,000 Ordinary
shares and 10,000,000 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$10,000,002.00
Group Net Profit: HK$555,377,000 (Year ended 31-12-2007)
HK$
78,353,000 (Year ended
31-12-2008)
HK$157,450,000 (Year ended 31-12-2009)
HK$217,012,000 (Year ended 31-12-2010)
HK$253,825,000 (Year ended 31-12-2011)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and
good manner.
Facilities: Making active use of general
banking facilities.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Wells Fargo Asia Ltd.,
Hong Kong.
Mellon Bank N.A., Hong Kong Office.
Banque Worms, Hong Kong Branch.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Very Good.
High Fashion Garments Co. Ltd. [High Fashion] is a wholly-owned
subsidiary of High Fashion Apparel Ltd., a firm registered in the British
Virgin Islands, which is in turn a subsidiary of High Fashion International
Ltd. [HFIL], a Bermuda-incorporated company with shares listed on The Stock
Exchange of Hong Kong Ltd. bearing stock code 608 in August 1992. HFIL was incorporated in Bermuda in May 1991
as a holding company of the High Fashion Group.
The Group designs and manufactures a comprehensive range of garments
including blouses, pants, jackets and outer-garments, skirts, dresses, lingerie
and dressing gowns for women, and shirts, pants and jackets for men using woven
silk and silk-blended cotton, linen, polyester and rayon. The Group also designs and manufactures silk
knitwears for women and men in all kinds of silk and silk yarns blended with
cashmere, wool, cotton, rayon, nylon, linen, and other fabrics.
The Group’s origins can be traced to 1978 when High Fashion was founded
by Mr. Poon Hon Kam, Mr. Lam Foo Wah and their associates to manufacture
garments.
As its manufacturing capacities grew, in late 1988, the Group began
manufacturing garments for DGD Inc. [DGD] for distribution in the United States
under the “Diane Gilman” and “DG” brand names.
In April 1989, the Group, through its newly formed associated company,
High Fashion Zhongshan Printing, Dyeing & Garment Manufacturing Ltd.,
acquired production facilities in Zhongshan, China engaged in dyeing, printing
and sandwashing silk fabrics.
In March 1990, the Group, through its marketing subsidiary in the United
States, launched the “Kriss Kross” brandname to introduce a new line of
ladies’ washable silk casual sportswear.
Subsequently, more brandnames were launched into the market such as “August Silk”, “Silx”, etc.
In July 1992, HFIL obtained the listing from The Stock Exchange of
Hong Kong Ltd. by offering 45 million new shares and 30 million existing
shares to the public of HK$0.10 each at HK$2.33 per share.
The Group exports its products to over 20 countries and its major
markets include the United States, the United Kingdom and Germany. The Group’s operations are based in Hong Kong
where its headquarters and fabric development department are located. All of the Group’s garment manufacturing facilities
are located in the PRC now.
The Group’s major key manufacturing facilities including weaving mills,
dyeing, printing and sandwashing plant, knitting mill and 4 garment factories,
all have been accredited ISO 9002.
On 30th December, 1999, the Group made a strategic investment by
purchasing from bank creditors of Theme International Holdings Ltd. [Theme], a
company incorporated in Bermuda of which securities are listed on The Stock
Exchange of Hong Kong Ltd. with stock code 990 in January 1994. Theme now operates fashion retail business
with about 120 retail outlets in the PRC.
In 2000, about 45% of the turnover derived from products marketed under
its brand names “August Silk” and “Theme”.
A new brandname, “U-campus”, was launched into the market in
January 2000. “U-campus” is a life style fashion line, major in cotton, targeted at young
consumers, is marketed on the internet and at speciality shops. The internet portal was jointly developed
with the Hong Kong Ploytechnic University.
Revenue for the year ended 31st December 2011 was HK$2.78 billion. Net profit attributable to shareholders for
the year ended 31st December 2011 was HK$254 million, compared with a profit of
HK$217 million of 2010, up 17%.
The Group continued to expand the PRC market with full efforts, using a
multi-brand strategy, forging a unique competitive brand position that focused
on medium to high-end customers, and expanding its powerful retail
network. Leveraging its position as the
number one silk enterprise in the world, the Group utilized its strength to
proactively develop its silk brand business.
In October 2011, the Group’s High Fashion Silk Industrial Park, which is
located in Xinchang, made a great breakthrough: it was honored as the “State’s
AAAA Level Scenic Spot for Industrial Tourism” and “Model Enterprise for
Industrial Tourism in Zhejiang Province” by the National Tourism Scenic Spot
Quality Rating Commission.
In FY 2011, sales to the Group’s five largest customers accounted for
30% of the total sales for the year and sales to the largest customer included
therein amounted to 8.5%. Purchases from
the Group’s five largest suppliers accounted for less than 30% of the total
purchases for the year.
Global economies are not yet stabilized.
China will still remain one of the fastest growing economies, and the
China’s 12th Five-Year Plan will further stimulate domestic market. With its targets of “growth through
establishing strength” and “advancement by transformation and innovation”, the
Group has established solid foundations to develop itself as the number one
silk enterprise in the world over the years.
It is confident of its well diversified, quality business portfolio and
will strategically develop and expand the Group’s business with more
initiatives in the future.
The total number of employees of the Group including jointly controlled
entities as at the end of 2011 was about 9,100.
On the whole, in view of the subject’s background and parentage,
consider it good for normal business engagements.
Brief introduction on the principal director:-
Mr. LAM Foo Wah, aged 63, is a co-founder of the Group. Mr. Lam is the Chairman and the Managing
Director of HFIL. He is also the
chairman of Theme. Mr. Lam oversees the
Group’s operations and is responsible for formulating the Group’s overall
policy and development. He has over 30
years experience in the manufacturing and marketing of garments industry.
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Feb. 1992 |
Champion Year Garments Ltd. |
High Fashion Garments Co. Ltd. |
Amount due – Goods sold and delivered |
US$44,310 |
|
Aug. 1992 |
Advances Apparel Accessories Ltd. |
High Fashion Garments Co. Ltd. |
Amount due – Goods sold and delivered |
HK$346,303 |
|
July 1998 |
Adobe Systems Inc., Microsoft Corp. and Symantec Corp. |
High Fashion Garments Co. Ltd. |
Infringement of copyright patents and designs |
Not stated |
|
Aug. 2000 |
Uete Akiyuki |
High Fashion Garments Co. Ltd. |
Wages |
HK$318,489 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.